Insurtech startup Turtlemint files confidential DRHP with SEBI for IPO

Insurtech startup Turtlemint Fintech Solutions has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), taking the pre-filing route to a public listing. 

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The Mumbai-based company, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, runs a digital insurance distribution platform that connects consumers with insurers through a wide network of financial advisors.

The company confirmed the submission, noting that it had filed the pre-filed draft with SEBI and the stock exchanges under Chapter IIA of the SEBI ICDR Regulations.

Unlike the traditional IPO process, the pre-filing mechanism allows companies to keep offer details private at the initial stage, extend the approval window from 12 months to 18 months, and alter the size of the primary issue by as much as 50 percent before finalizing the public draft.

Turtlemint has appointed ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors as lead managers for the proposed offering. People familiar with earlier discussions said the company had been in talks to raise between $200 million and $250 million and was eyeing an October 2025 debut on Dalal Street.

Backed by Jungle Ventures, Nexus Venture Partners, Vitruvian Partners, and Peak XV Partners, Turtlemint last raised $120 million in 2022 at a $900 million valuation, taking its total funding to nearly $197 million. The company claims to have built a network of more than 500,000 advisors who have facilitated the sale of 1.6 crore policies across categories such as motor, health, and life insurance.

On the financial front, Turtlemint reported operating revenue of Rs 505 crore in FY24, more than tripling from Rs 156.5 crore a year earlier, while net profit remained steady at Rs 6 crore.

The company joins a growing list of new-age Indian startups opting for the confidential route to market. Logistics platform Shadowfax, edtech firm PhysicsWallah, commerce enabler Shiprocket, and Imagine Marketing, the parent of boAt, have all taken similar steps. In 2024, Swiggy and Vishal Mega Mart floated their IPOs following confidential filings.